Afternoon Report / Market moves higher on light volumes

By Market Matters 07 October 19

Market moves higher on light volumes

WHAT MATTERED TODAY

The rebound in Aussie equities continued today with the index firm to star the week following the US market’s rally on Friday. There was a little less vigour locally compared to the US ~1.5% effort which rallied despite another poor data set from non-farm payrolls missing forecasts with 135k. Volumes were light today given the public holiday that took out more than half the country. All sectors were higher today, though financials lagged despite the banks all moving higher. Macquarie and Magellan dragged performance here. Tech names were best bid, Wisetech (WTC) one of the star performers in a slow day.

Overall, the ASX 200 closed higher today, up 46pts or +0.71% to 6563, Dow Futures are trading down -97pts/-0.37%.

ASX 200 Chart

ASX 200 Chart

CATCHING MY EYE;

BROKER MOVES; Washington H Soul Patts (SOL), one of the stocks we touched on in the morning/weekend report was best on ground today following Shaw’s initiating with a buy on the stock. We still like SOL into new lows below $19.70, now a little further away given today’s rally.

  • Sydney Airport Upgraded to Outperform at Macquarie; PT A$8.77
  • SkyCity Entertainment Cut to Underperform at Macquarie
  • ANZ Bank Upgraded to Buy at Bell Potter; PT A$29.30
  • Caltex Australia Cut to Sell at Shaw and Partners; PT A$20.40
  • Rio Tinto Upgraded to Buy at Investec; PT 48.43 Pounds
  • Washington H Soul Pattinson Rated New Buy at Shaw and Partners; PT A$26

OUR CALLS

No changes today

Major Movers Today

Have a great night

Harry & the Market Matters Team

Disclosure

Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.

Disclaimer

All figures contained from sources believed to be accurate.  All prices stated are based on the last close price at the time of writing unless otherwise noted. Market Matters does not make any representation of warranty as to the accuracy of the figures or prices and disclaims any liability resulting from any inaccuracy. 

Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The Market Matters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.

The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor.  Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.

The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.

If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.